SK Energy, HD Hyundai Oilbank face fines over alleged fuel price fixing

The Korea Times reports that SK Energy and HD Hyundai Oilbank may face fines of up to 4.63 trillion won ($3.45 billion) from the Fair Trade Commission (FTC) for allegedly colluding on gasoline, diesel, and kerosene prices. The FTC launched an investigation into the alleged price-fixing case, which reportedly took place from February 2022 to March 2023.

This period coincided with the Russia-Ukraine war and the Iran war, during which petroleum products are deemed essential to household and economic activities. The two companies, along with GS Caltex and S-Oil, control approximately 98% of the domestic oil refining market in Korea. According to the FTC, SK Energy and HD Hyundai Oilbank exchanged information on prices and sales policies.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.